Recently, everyone has paid attention to a piece of news. Ouyi withdrew its application for a Hong Kong VASP license. VASP in Chinese means virtual asset service provider. It is a formal license issued by the Hong Kong government's Securities and Futures Commission to virtual asset platforms. The conditions are harsh and it is not open to retail investors for the time being. Generally, large international platforms cannot accept it. A large number of withdrawals are expected. In order to prevent misunderstandings, I will talk about three points here:

1. The compliance cost is high. All applicants need to hire professionals to connect with the Hong Kong government's regulatory team, set up special margin accounts, and user assets must be 100% regulated. Strict information disclosure is also required; for large platforms, not only are the procedures cumbersome and operations restricted, but it also causes a dilemma for platform liquidity.

2. Withdrawing the license application does not mean stopping operations, nor will it freeze assets, especially for domestic retail investors. 99% of the platforms in the world do not have Hong Kong licenses. Do they all have to stop trading and freeze assets? So don't over-interpret it.

3. I still need to mention what needs to be mentioned. It has nothing to do with this withdrawal incident, because our assets should not be kept in the exchange for a long time, but should be kept in the wallet. I have always emphasized that after you get the project chips, you should extend the time and win by cycles. Don't fight against the trend and stay away from high-frequency operations. Just wait until 2025.